CARLSBAD, Calif., Sept. 11,
2024 /PRNewswire/ -- Viasat, Inc. (Nasdaq: VSAT)
announces that its wholly-owned indirect subsidiaries, Connect
Finco SARL and Connect U.S. Finco LLC (together, the "Issuers"),
have upsized and priced their offering of $1,975 million in aggregate principal amount of
its 9.000% Senior Secured Notes due 2029. The offering was upsized
from the previously announced $1,250
million in aggregate principal amount. The Issuers are
wholly-owned indirect subsidiaries of Connect Bidco Limited
("Inmarsat"), a wholly-owned indirect subsidiary of Viasat.
The notes were offered and sold to persons reasonably believed
to be qualified institutional buyers in the United States through a private placement
pursuant to Rule 144A and outside the
United States pursuant to Regulation S under the Securities
Act of 1933, as amended (the "Securities Act"). The notes will have
an interest rate of 9.000% per annum and will be issued at a price
equal to 100.00% of their face value.
The closing of the sale of the notes, which is subject to
customary conditions, is expected to occur on or about September 25, 2024. The notes and the
related guarantees will be secured on a first-lien basis by assets
that also secure on a first-lien basis the indebtedness under the
Issuers' existing senior secured credit facilities.
The net proceeds from the offering together with cash on hand,
are expected to be used to redeem all of the Issuers' outstanding
6.750% Senior Secured Notes due 2026 (the "Inmarsat 2026 Notes")
and to pay related fees and expenses.
The notes have not been registered under the Securities Act or
any state securities laws and may not be offered or sold in
the United States without
registration or an applicable exemption from the registration
requirements of the Securities Act. This press release is neither
an offer to sell nor the solicitation of an offer to buy the notes
or any other securities, and no offer, solicitation or sale will be
made in any jurisdiction in which, or to any persons to whom, such
an offer, solicitation or sale is unlawful. Any offers of the notes
will be made only by means of a private offering memorandum. This
press release is being issued pursuant to and in accordance with
Rule 135c under the Securities Act.
Safe Harbor Statement
This press release contains forward-looking statements that are
subject to the safe harbors created under the Securities Act of
1933 and the Securities Exchange Act of 1934. Forward-looking
statements include, among others, statements regarding the proposed
offering, the use of proceeds therefrom and the redemption of the
2026 Inmarsat Notes in connection therewith, and are generally
identified with words such as "believe," "could," "expect,"
"intend," "may," "plan," "will" and similar expressions. Such
statements reflect management's current expectations and judgment
as of the date of this press release. Factors that could
affect Viasat's forward-looking statements include, among other
things, risks and uncertainties associated with the satisfaction of
customary closing conditions related to the offering. In addition,
please refer to the risk factors contained in Viasat's SEC filings
available at www.sec.gov, including Viasat's most recent Annual
Report on Form 10-K and Quarterly Reports on Form 10-Q. Readers are
cautioned not to place undue reliance on any forward-looking
statements, which speak only as of the date on which they are made.
Viasat undertakes no obligation to update or revise any
forward-looking statements for any reason.
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SOURCE Viasat, Inc.